SAN RAMON, Calif., Feb. 25, 2013 /PRNewswire-FirstCall/ -- Canadian Solar, Inc., (the "Company," or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that it has invested in and partnered with Strata Solar on a suite of utility-scale solar power projects located in North Carolina. The projects, developed jointly, will total approximately 85MW divided amongst 15 unique solar installations.
The first project to be commissioned is Fuquay Farm, a 6.4MW DC project located in Middle Creek, Willow Springs in Wake County, NC. The project broke ground in November 2012 and will be commissioned by the end of February. Once up and running it is expected to create enough renewable energy to power 750 homes and will divert 8.8 million pounds of CO2 per year.
"Strata Solar is making great strides in bringing solar to North Carolina. We are thrilled to collaborate with a top tier firm that has a clear commitment to the future of solar in the region.," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Fuquay Farm is the first of many, and we look forward to working closely with Strata Solar to generate clean energy for the residents of North Carolina."
"We are very excited about our partnership with Canadian Solar," said Michael Cohen, VP Business Development of Strata Solar. "We hold the same values at our core – long term job growth, promoting energy independence, our national security, and growing the clean energy base in America. Canadian Solar offers a world-class product backed up by industry leading executives."
The portfolio of 15 solar power projects mainly consist of 6MW utility scale solar energy farms, but will also include a 1MW rooftop solar system and a 3MW farm. The construction will be staggered throughout the year with the entire portfolio set for completion by the end of 2013. During the first year of operation, the energy produced by the portfolio will be equivalent to removing approximately 17,067 passenger cars from the road.
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia, Africa and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, visit www.canadiansolar.com.
About Strata Solar
Strata Solar LLC is a leading provider of complete solar energy systems and installations. In addition to turnkey services for the complete design, construction and installation of utility and commercial photovoltaic and solar thermal systems, Strata Solar provides a full array of engineering, procurement and construction EPC services, separately, as needed, to solar developers and companies interested in clean renewable energy. Headquartered in its LEED Silver certified office and showroom in Chapel Hill and expansive warehouse nearby, Strata Solar also has operations in California. Visit www.stratasolar.com for more information.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2012. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.